President Donald Trump has said that he expects to play a role in determining whether Netflix’s planned acquisition of Warner Bros. Discovery should move forward.
The $82.7 billion deal would mark one of the largest entertainment mergers in U.S. history.
Speaking to reporters as he arrived at the Kennedy Center on Sunday evening, Trump said he would “be involved in that decision.”
He noted that economists would need to evaluate the implications, suggesting the combined companies would hold “a big market share,” which “could be a problem.”
Trump also described Netflix as “a great company” and praised co-CEO Ted Sarandos as “a fantastic man,” but emphasized that the merger would “go through a process.”
A $82.7 Billion Entertainment Merger
Netflix announced the acquisition agreement on Dec. 5, valuing Warner Bros. Discovery at $27.75 per share.
The deal has an equity value of roughly $72 billion and an enterprise value of $82.7 billion.
Under the proposal, Warner Bros. Discovery shareholders would receive $23.25 in cash and $4.50 in Netflix stock per share.
The companies expect to finalize the deal by the third quarter of 2026.
Sarandos said the combined entity would strengthen Netflix’s mission “to entertain the world,” adding that the merger would bring together Warner Bros.’ library, from “Casablanca” to “Harry Potter,” with Netflix titles like “Stranger Things” and “Squid Game.”
“Together, we can give audiences more of what they love and help define the next century of storytelling,” Sarandos said.
Netflix co-CEO Greg Peters said Warner Bros.’ production capabilities, paired with Netflix’s global reach, would “accelerate our business for decades to come.”
Warner Bros. Discovery CEO David Zaslav said the companies represent “two of the greatest storytelling companies in the world,” arguing the merger would push major franchises to even larger audiences.
Industry Opposition and Antitrust Concerns
The merger has already encountered pushback from entertainment labor groups and lawmakers.
The Writers Guild of America East and West issued a joint statement calling the acquisition an example of consolidation that antitrust laws are meant to prevent.
“The world’s largest streaming company swallowing one of its biggest competitors is what antitrust laws were designed to prevent,” the guild wrote.
They argued the outcome would “eliminate jobs, push down wages, worsen conditions for all entertainment workers, raise prices for consumers, and reduce the volume and diversity of content for all viewers.”
“This merger must be blocked,” the WGA said.
Scrutiny from Congress and DOJ
Because of its size, the merger is expected to undergo intense review by the Department of Justice’s antitrust division.
Several Republican lawmakers have signaled concerns over reduced consumer choice and Netflix’s growing market control.
Sen. Mike Lee (R-UT), who chairs the Senate antitrust subcommittee, wrote on Thursday that a Netflix–Warner Bros. Discovery deal “should send alarm to antitrust enforcers around the world.”
“Netflix built a great service, but increasing Netflix’s dominance this way would mean the end of the Golden Age of streaming for content creators and consumers,” he said.
Learning about Netflix’s ambition to buy its real competitive threat—WBD’s streaming business—should send alarm to antitrust enforcers around the world
This potential transaction, if it were to materialize, would raise serious competition questions—perhaps more so than any… https://t.co/hnbLZOwgjI
— Mike Lee (@BasedMikeLee) December 4, 2025
Rep. Darrell Issa (R-CA) likewise warned in a Nov. 17 letter that Netflix’s more than 300 million global subscribers already give it “unequaled market power.”
He said the merger could push Netflix above 30% of the streaming market, a threshold he called “presumptively problematic.”
Democrats have also voiced objections. Rep. Pramila Jayapal (D-WA) wrote on Dec. 5 that the deal would be “a nightmare,” arguing it would lead to “more price hikes, ads, & cookie cutter content.”
Gail Slater, who leads the DOJ’s antitrust unit, has emphasized that her office is focusing on major household expenses, noting that entertainment accounts for roughly 5% of U.S. consumer spending.
2. What is the Main Thing for this DOJ and this Antitrust Division? Here’s a helpful visual. Let’s call it our America First Antitrust Pie Chart: pic.twitter.com/qCiqYm1dAQ
— Abigail Slater (@AAGSlater) November 14, 2025
Trump’s comments make clear that the administration will be actively involved in the review process, a rare presidential signal of hands-on scrutiny for a media-sector merger of this scale.
The DOJ has not indicated when its formal antitrust review will begin, but analysts expect a prolonged regulatory battle stretching well into 2026.
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